IBRD Flexible Loan

Borrowers benefit from long maturities (up to 35 years), transparent LIBOR-based pricing, built-in hedging products to manage financial risks over the life of the loan, and the ability to customize repayment schedules according to project needs or debt management requirements.

Local currency loans

Through options embedded in the IBRD Flexible Loan borrowers have access to local currency at the time of disbursement or at any time during the life of the loan to reduce future vulnerabilities to foreign exchange risk.

Financing for subnationals

The World Bank Group offers subnationals two options: IBRD financing with a sovereign guarantee on the same terms as national governments, or financing without a sovereign guarantee on commercial terms through the joint IFC-World Bank Subnational Finance program.

Contingent financing

Gain flexibility to rapidly fund financing requirements due to an unexpected a shortfall in resources. The IBRD Deferred Drawdown Option – or DDO – is a committed line of credit with similar pricing and the same built-in risk management features and flexibility as the IBRD Flexible Loan.

Retired IBRD loan products

IBRD currently offers only one loan, the IBRD Flexible Loan or IFL with a choice of two spreads -- Fixed or Variable. The IFL consolidated the two previously offered LIBOR-based products: the Variable Spread Loan (VSL) and the Fixed Spread Loan (FSL). The IBRD portfolio includes other LIBOR based and currency pool based products which have been discontinued for new loan commitments, but are still outstanding. Loans offered by IBRD in the past include the following:

Fixed-Spread Loan (FSL): FSL were available to all IBRD borrowers from September 1, 1999 until the IFL was introduced in February 2008.

Single Currency Pool Loan (SCP): Between September 1, 1996, and June 1, 1998, IBRD offered borrowers the option to amend the terms of their existing CPL Loan Agreements to change their currency obligation to single currency terms. See lending rates.